Maryland online sportsbooks pushed the total monthly betting handle to $497,121,656 in December. Maryland Lottery and Gaming released the official revenue report which showed the successful first full month for mobile apps. This is the strongest betting month in the Old Bay State; a strong indicator of what is to come going forward.
Mobile Sports Betting Early Success
A clear indication of the impact online sportsbooks have had in Maryland is how much the market was dominated by it. Of the total betting handle, $478,270,326 came from online operators. This is 96.2% of the entire betting market for December.
The increase compared to November’s numbers are also a strong example of the impact mobile sportsbooks already have. The total betting handle in December is up 62.5% month over month compared to $186,084,496 in November.
Sports betting revenue came off of a 17.1% hold rate. Sportsbooks spent $71,007,442 in promotional play in December, leaving the taxable win shares at $2,933,619. The state saw $440,043 in taxes.
Promotional deductions will affect the bottom line during the first full fiscal year of operation. Following this, all promotional play deductions will be capped at 20% of the previous year’s taxable win.
More Details From Maryland Report
Taking away promotional spending, mobile sportsbooks accounted for $44,791 in state taxes with retail sportsbooks contributing the remaining $395,252. This is to be expected as operators issue promotional pay in celebration of their apps going live in Maryland.
Maryland taxes sportsbooks 15% of the gross gaming revenue (GGR). The funds from taxes will be issued to the Blueprint for Maryland’s Future Fund. This program is set up for educational programs in the Old Bay State.
All seven mobile sportsbooks in Maryland contributed to the total betting handle and taxable revenue for December. December’s numbers bring the 2023 fiscal year total to $821,376,246 in handle and $24,578,253 in revenue. Maryland has seen $3,686,738 in total taxes so far.
Maryland online sportsbooks have already shown to be a major success for the Maryland Lottery. The strong numbers are only expected to continue into the New Year.